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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Carrying Amount and Estimated Fair Value of Financial Instruments
The amounts recorded in the balance sheet (carrying amount) and the estimated fair values of financial instruments at December 31 consisted of the following:
 
2016
 
2015
(DOLLARS IN THOUSANDS)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Cash and cash equivalents(1)
$
323,992

 
$
323,992

 
$
181,988

 
$
181,988

Credit facilities and bank overdrafts(2)
13,599

 
13,599

 
142,178

 
142,178

Long-term debt:(3)
 
 
 
 
 
 
 
Senior notes — 2006(4)
—

 
—

 
124,964

 
127,717

Senior notes — 2007(4)
499,676

 
556,222

 
499,618

 
563,855

Senior notes — 2013(4)
297,986

 
302,376

 
297,683

 
290,830

Euro Senior notes - 2016(4)
512,764

 
546,006

 
—

 
—

 
_______________________
(1)
The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments.
(2)
The carrying amount of the Company's credit facilities and bank overdrafts approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments.
(3)
The fair value of the Company's long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on its own credit risk.
Derivative Instruments Notional Amount Outstanding
The following table shows the notional amount of the Company’s derivative instruments outstanding as of December 31, 2016 and December 31, 2015: 
(DOLLARS IN THOUSANDS)
December 31, 2016
 
December 31, 2015
Forward currency contracts
$
527,500

 
$
573,200

Interest rate swaps
$
412,500

 
$
475,000
Derivative Instruments Measured at Fair Value
The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy) as reflected in the Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015 (in thousands): 
 
December 31, 2016
 
Fair Value of
Derivatives
Designated as
Hedging
Instruments
 
Fair Value of
Derivatives Not
Designated as
Hedging
Instruments
 
Total Fair
Value
Derivative assets(a)
 
 
 
 
 
Foreign currency contracts
$
13,765

 
$
7,737

 
$
21,502

Interest rate swaps
335

 
—

 
335

 
$
14,100

 
$
7,737

 
$
21,837

Derivative liabilities(b)
 
 
 
 
 
Foreign currency contracts
$
46

 
$
2,209

 
$
2,255

Interest rate swaps
725

 
—

 
725

 
$
771

 
$
2,209

 
$
2,980

 
 
 
 
 
 
 
December 31, 2015
 
Fair Value of
Derivatives
Designated as
Hedging
Instruments
 
Fair Value of
Derivatives Not
Designated as
Hedging
Instruments
 
Total Fair
Value
Derivative assets(a)
 
 
 
 
 
Foreign currency contracts
$
6,560

 
$
3,700

 
$
10,260

Interest rate swaps
1,210

 
—

 
1,210

 
$
7,770

 
$
3,700

 
$
11,470

Derivative liabilities(b)
 
 
 
 
 
Foreign currency contracts
$
2,106

 
$
3,022

 
$
5,128

_______________________
(a)
Derivative assets are recorded to Prepaid expenses and other current assets in the Consolidated Balance Sheet.
(b)
Derivative liabilities are recorded as Other current liabilities in the Consolidated Balance Sheet.
Derivative Instruments Which Were Not Designated as Hedging Instruments
The following table shows the effect of the Company’s derivative instruments which were not designated as hedging instruments in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2016 and December 31, 2015 (in thousands): 
Derivatives Not Designated as Hedging Instruments
Amount of Gain
For the years ended
December 31,
 
Location of Gain
Recognized in
Income on Derivative
2016
 
2015
 
Foreign currency contract
$
26,821

 
$
8,644

 
Other (income) expense, net
Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments
The following table shows the effect of the Company’s derivative instruments designated as cash flow and net investment hedging instruments in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2016 and December 31, 2015 (in thousands): 
 
Amount of Gain or
(Loss) Recognized in
OCI on Derivative
(Effective Portion)
 
Location of Gain or
(Loss) Reclassified
from Accumulated
OCI into Income
(Effective Portion)
 
Amount of Gain or
(Loss) Reclassified
from Accumulated
OCI into Income
(Effective Portion)
 
For the years ended
December 31,
 
 
For the years ended
December 31,
 
2016
 
2015
 
 
2016
 
2015
Derivatives in Cash Flow Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contract
$
1,591

 
$
(3,244
)
 
Cost of goods sold
 
$
4,726

 
$
16,250

Interest rate swaps (1)
(3,388
)
 
274

 
Interest expense
 
(595
)
 
(274
)
Derivatives in Net Investment Hedging Relationships:
 
 
 
 
 
 
 
 
 
Foreign currency contract
3,230

 
5,231

 
N/A
 
—

 
—

Euro Senior notes - 2016
32,897

 
—

 
N/A
 
—

 
—

Total
$
34,330

 
$
2,261

 
 
 
$
4,131

 
$
15,976

_______________________
(1)
Interest rate swaps were entered into as pre-issuance hedges.